Home Uncategorized Qatar Airways Group Soars to Remarkable Profits in H1 2023/2024

Qatar Airways Group Soars to Remarkable Profits in H1 2023/2024

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…Amid Fleet Expansion and Innovative Partnerships

Qatar Airways Group has reported strong financial performance for the first half of 2023/2024.

This period has seen significant growth in the network, particularly the return of most of the A350 fleet, leading to an 18% increase in Available Seat Kilometers (ASK) compared to the previous year.

The group’s net profit for the first half of the fiscal year 2023/2024 reached QAR 3.736 billion (US$ 1.026 billion), a remarkable 113.8% increase from the same period in 2022/2023. Total revenue for this period also rose to QAR 40.126 billion (US$ 11.019 billion), up 7.4% compared to the previous year.

Passenger revenues saw significant growth, rising by 28.5% with an 83.3% load factor and higher yields of 3.6%. The total passenger count for the first six months of September 2023 increased to 19.078 million, a 22.5% increase from the previous year.

Innovative partnerships within oneworld and global alliances have contributed to the commercial success of Qatar Airways Group. Fleet expansion and loyalty programs are central to their growth, with around 150 aircraft on order to meet the demand for passenger and freighter traffic.

Despite potential challenges like geopolitical tensions and the cost of fuel, management is confident in the company’s ability to maintain strong performance in the second half of 2023-2024.

Qatar Airways Group’s Chief Executive, Mr. Akbar Al Baker, highlighted the company’s unique position in the aviation industry, and the success is built upon a solid base created by the FIFA World Cup Qatar 2022™.

The group’s EBITDA margin for the first six months of the fiscal year 2023/2024 improved to 26.9%, a 4.9 percentage point increase compared to the previous year.

In early March, the company announced several new routes and resumed services to 11 destinations, with plans for up to 10 new destinations in 2024.

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